Buffalo Storage on Broadway
Self Storage | 5.90% CAP | 364 Units
Marketing description
Grandstone Investment Sales is pleased to exclusively present Buffalo Storage, a self-storage facility located at 459 Broadway, Buffalo, New York. The property consists of approximately 28,012 rentable square feet across 364 units, including climate-controlled units and lockers, and sits on a 0.71-acre site. The asset was converted in 2019 and opened for business in 2020, and is currently stabilized with 93.0% physical occupancy and 80.83% economic occupancy. The property presents a clear opportunity for operational and income enhancement driven by a meaningful gap between physical and economic occupancy, as well as continued rent optimization within the existing unit mix. With current in-place performance generating approximately $291,803 of NOI, there is additional upside through improved lease-up efficiency, mark-to-market rent adjustments, and continued stabilization of underperforming space. The Buffalo submarket benefits from steady demand fundamentals for self-storage, supported by a dense local population and limited new supply in the immediate trade area.
The investment offers an attractive return profile with a 5.90% in-place cap rate, growing to a projected 7.23% in Year 1 and 8.21% by Year 5. The asset generates a projected 20.3% levered IRR and a 2.30x equity multiple over a five-year hold period, with an expected exit value of approximately $6.5 million. Combined with steady NOI growth from $291,803 to over $406,000, the asset offers both durable cash flow and meaningful upside through disciplined operations and strategic execution.
Investment highlights
- Gap between 93% physical and 80.83% economic occupancy signals immediate opportunity to improve collections, tighten leasing strategy, and lift revenue efficiency.
- Mixed unit types (climate-controlled + lockers) provide room to push rents, optimize pricing, and continue stabilizing occupancy toward full economic performance.
- Underwriting supports a 20.3% levered IRR and 2.30x equity multiple, driven by a $4.95M basis, 5.90% entry cap, and $6.5M projected exit.
- NOI grows from roughly $291.8K to $406.4K over the hold period, reflecting rent growth, occupancy stabilization, and operational improvements.
- Located in central Buffalo (459 Broadway), the asset benefits from dense demand drivers and limited nearby supply, supporting durable long-term occupancy and pricing power.
- The facility features a covered drive-in loading area, allowing customers to access their storage units comfortably
- 1000 SF can be built out. There are also 4 additional parcels included in the sale
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